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[IEDC] Governor Pence Touts Indiana’s Business Climate Achievements at Forbes Summit
Start Date: 3/27/2014Start Time: 12:00 AM
End Date: 3/27/2014
Entry Description
INDIANAPOLIS (March 27, 2014) – Today, Governor Mike Pence will speak at the Reinventing America Summit in Chicago, hosted by Forbes Media, sharing the long list of achievements accomplished during the Indiana General Assembly’s 2014 legislative session that continue to enhance Indiana’s reputation as a state that works.  

“We are reinventing what it means to be business friendly, creating an environment that encourages job creation instead of complicating it,” said Pence. “Our regulations are becoming simpler and our workforce is getting stronger. Indiana is lowering taxes while other states are raising them. We reformed taxes to encourage new job growth and placed the corporate income tax on a reduction schedule. Whether it’s the homegrown manufacturer looking to expand production or the global supplier looking to gain a competitive advantage in a pro-business environment, Indiana is competing for and winning more Hoosier jobs and knows what it takes to propel businesses to the next level.” 

Earlier this week, the governor signed into law tax reform that will allow Hoosier businesses to grow and create jobs by making it possible to phase out the business personal property tax. The tax reform bill, SEA 1, also lowers the corporate tax rate, giving Indiana the second lowest corporate tax rate in the nation, and lowers the financial institutions tax.

This first-of-its-kind summit is expected to host more than 300 prominent industrial executives, entrepreneurs, academics and elected offices, including Bill Ford, executive chairman of Ford Motor Company and David Cote, chairman and chief executive officer of Honeywell. During the summit, the governor will speak on the panel “A Government of Growth: Politics and Policy that Foster Innovation” highlighting how states can create innovative policies that allow the new industrial revolution to thrive.

Indiana leads the nation in manufacturing jobs, with the highest percentage of manufacturing jobs as a portion of the private sector in the United States. From motor vehicle production to innovative electronics, leading manufacturing firms from across the country and around the world have chosen Indiana for their plants and corporate offices. The Hoosier State's manufacturing industry includes the corporate headquarters of such giants as Cummins, Wabash National Corp. and Thor Industries. Also, Indiana is the only U.S. state that is home to three Japanese original equipment manufacturer automotive companies (Subaru, Toyota and Honda). 

The summit adds to the latest developments in Indiana’s manufacturing industry. Just yesterday, the governor joined David Joyce, president and chief executive officer of GE Aviation, the world’s largest jet engine manufacturer, to announce the company’s plans to locate a new $100 million jet engine assembly facility in Lafayette. The company’s first final assembly plant in Indiana will assemble the new LEAP engine from CFM International, a 50/50 joint company of GE and Snecma (Safran) of France.

About Forbes Media
Forbes Media LLC, publisher of Forbes magazine and forbes.com, is an authoritative source of news and information on business, investing, technology, entrepreneurship, leadership and affluent lifestyles. Forbes.com, a leading business website, currently reaches 28 million monthly unique visitors, according to comscore worldwide (January 2014). Forbes magazine, Forbes Asia and Forbes Europe attract a global audience of more than 5 million readers. The Forbes magazine iPad app merges the power of print storytelling with social sharing and the web.  The Company also publishes ForbesLifemagazine, as well as 33 licensed local editions around the world.

About IEDC
Created in 2005 to replace the former Department of Commerce, the Indiana Economic Development Corporation is governed by a 12-member board chaired by Governor Mike Pence. Victor Smith serves as the Indiana Secretary of Commerce and Eric Doden is the president of the IEDC. 

The IEDC oversees programs enacted by the General Assembly including tax credits, workforce training grants and public infrastructure assistance. All tax credits are performance-based. Therefore, companies must first invest in Indiana through job creation or capital investment before incentives are paid. A company who does not meet its full projections only receives a percentage of the incentives proportional to its actual investment. For more information about IEDC, visit www.iedc.in.gov.

  
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Media Contact: 
Katelyn Hancock (IEDC) – 317.234.2294 or kahancock@iedc.in.gov
Contact Information:
Name: Katelyn Hancock
Phone: 317-234-2294
Email: kahancock@iedc.in.gov
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Entry Type:
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Entry Category:
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  • IN.gov Category:
  • Business & Agriculture
  • Agency Name
    Economic Development Corporation, Indiana

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